I think that Stock to Flow worked or is yet to be disproven was brilliant, right?

You know, because it was a hypothesis. We all kind of grabbed hold of it and thought,

maybe, maybe this is the one. And it's worked perfectly. It's actually implicitly the behavior

of crowds, but that just I think it was one of the features of this year. You know,

if there was one thing we all pinned our hopes on was that hypothesis.

Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by crypto.com and nexo.io

and produced and distributed by CoinDesk.

What's going on, guys?

It is Monday, December 21st,

and that means we are kicking off

the breakdowns end of year extravaganza.

For the next two weeks, every episode is a fast,

fun, 21-minute look at the year in macro, Bitcoin, and beyond, with some really amazing guests

spanning the Bitcoin space, the crypto industry, and of course the larger macroeconomic sector.

I thought this would be a really fun way to round out the year to get a ton of different takes

on what mattered and what we should be thinking about going forward.

And we're kicking it off today with Raoul Paul.

Raul is the founder and CEO of Global Macro Investor and Real Vision.

Raoul is always outspoken,

has a love-hate relationship with Bitcoin Twitter, but remains irresponsibly long Bitcoin. So without any further ado, let's dive in. All right, Raoul, welcome back to the show. It's great to have you here.

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